The yen depreciated vis-à-vis the U.S. dollar today as the greenback tested offers around the ¥98.45 level and was supported around the ¥97.60 level. Traders reduced their risk aversion overnight and reestablished some positions in higher yielding currencies, causing the yen to soften. There is widespread speculation the Japanese government will downgrade its economic forecast to negative growth for the fiscal year that started this month. Japanese exporters have been unable to export Japan out of the current economic crisis. Bank of Japan is expected to continue its quantitative easing policies. The Nikkei 225 stock index climbed 1.37% to close at ¥8,847.01. U.S. dollar offers are cited around the ¥104.15 level. The euro moved higher vis-à-vis the yen as the single currency tested offers around the ¥128.75 level and was supported around the ¥126.80 level. The British pound moved higher vis-à-vis the yen as sterling tested offers around the ¥143.45 level while the Swiss franc moved higher vis-à-vis the yen and tested offers around the ¥85.15 level. The Chinese yuan appreciated vis-à-vis the U.S. dollar today as the greenback closed at CNY 6.8233 in the over-the-counter market, down from CNY 6.8264.